Many NFT collectors and creators are looking for a more efficient way to mint and collect their NFTs.
Although there are several blockchains to choose from, a majority of the NFT community is focused mainly on the Ethereum blockchain. However, the Ethereum blockchain is known to be inefficient and extremely expensive to transact on.
That’s why many people are searching for a solution, and some have found that solution to be Ethereum sidechains. Some of the most renowned artists and brands are taking advantage of the ability to buy and sell on these alt-chains, as well as offering users increased efficiency and reduced fees while still being able to bridge their NFTs to the Ethereum main-chain, if desired.
Let’s take a look at some of the most popular NFTs created on alt-chains that have Bridged to Ethereum.
Damien Hurst, a British contemporary artist originally released his 10,000 piece NFT art project, The Currency, on a platform called HENI—a technology company pioneering Art Markets and Information.
Damien Hirst’s The Currency is the artist’s first NFT release. The Currency is a collection of 10,000 NFTs, also known as Tenders, that correlate to 10,000 unique physical artworks by Damien Hirst, with the NFTs holding high-resolution photographs of each of his 10,000 artworks’ both front and back sides.
The first day of trading on the secondary market saw trading volumes of more than $1.3 million, with the average sales price on that day being $7,128.
Although The Currency is now offered for sale on the popular NFT marketplace Opensea, it wasn’t always available there. HENI, which is the platform Hirst used to launch his NFT project, is built on top of the Palm side-chain. Palm is an innovative NFT ecosystem built with culture and creativity in mind.
The Palm side-chain is known for quick throughput, low gas fees, and is over 99% more efficient than the Proof of Work system that the Ethereum blockchain uses. This makes the Palm side-chain a good option for both collectors and creators to use with NFTs.
Palm’s focus is on making NFTs easier and more efficient to use on the Ethereum blockchain. In fact, Palm NFT Studio was actually formed by ConsenSys founder and Ethereum co-founder Joseph Lubin, film producer David Heyman, and founder of the art-based tech group HENI, Joe Hage.
With that being said, I firmly believe that Palm has potential to be one of the more popular side-chains, considering the company is overseen by such knowledgeable figures in the NFT space.
Fans and collectors may buy, trade, and share legally licensed MLB NFTs on Candy Digital, Major League Baseball’s official NFT marketplace. Candy’s objective is to create next-generation digital assets for sports and culture by offering authentic products and experiences that increase fan engagement and connect individuals to their passion for sports and collectibles.
Candy Digital manufactures and distributes a variety of digitized sports memorabilia. These items include everything from digital trophies to personalized experiences, such as throwing the first pitch at a game for your favorite MLB team. Payton Manning and Gary Vaynerchuck are among Candy Digital’s investors.
When you buy an NFT on Candy.com, you can simply use your debit card to purchase, there is no need to buy cryptocurrency. Similarly to HENI, Candy Digital is also built on the Palm sidechain.
Candy picked Palm technology because of its token-powered ecosystem, scalable infrastructure, and dedication to its creators’ and collectors’ experiences. Candy also picked Palm because of their desire to reduce environmental effects. Palm employs a rotating Proof-of-Authority consensus approach that enables for low-cost transactions and a carbon footprint of less than 1%.
When Plasma Bears was first released in 2019, they were advertised as a fun social game where you could gather, build, and go on adventures with your bears. Really, you collect bear parts to make one-of-a-kind bears, then send them on adventures to win prizes and more bear parts.
Plasma Bears were created on the Loom Network—a multichain interoperability platform that is associated with other major blockchains like Ethereum, Binance Chain, and Tron.
Loom shut down temporarily without warning, before becoming active again in 2020. “A lot of people lost their bears, myself included,’ deCourcelle explained in our interview with her, who is the CEO and Co-founder of Blockade Games and Neon District, the parent company to Plasma Bears.
Since Loom is an Ethereum alt-chain, users could bridge their Plasma Bears over to the Ethereum mainnet, but because of pricey gas fees and the lack of activity in the market, practically no one bridged their bears over to the mainnet at that point in time. Once the game shut down shop and the sidechain closed, any bears on the Loom sidechain were lost.
A portion of entire bears, along with bits and pieces of various bears are available to trade on Opensea. However, it is unknown what will become of the bears and their random parts. For now, these bears are treated as abandoned collectibles, with a current floor price of 0.23 ETH for one leg or 1.19 ETH for a fully put together bear, at the time of writing.
Plasma Bears combined utility continues to inspire new innovators, and it is one of the numerous reasons for Plasma Bears’ relevance. Because of the importance of the Plasma Bear project, many collectors are collecting parts of Bears and complete Bears.
Proof of Attendance Protocols, or POAPs, are one-of-a-kind digital badges that attendees may use to establish their record of life events. POAP collectors receive a digital badge backed by a cryptographic record in the form of an NFT, each with a distinct design that adds collectability and allows event organizers to provide extra value.
POAPs are created on The xDai sidechain. xDai is a stable payments blockchain designed for fast and cheap transactions. POAP uses xDai to mint POAPs at a very low cost, especially when compared to Ethereum fees.
POAPs can be transferred from xDai to Ethereum. Despite this ability, most users choose to leave their POAPs on xDai, where they can view them on the POAP application, due to the high gas fees on Ethereum. Ethereum prime supporter Vitalik Buterin has implied that they could be facilitated on hopeful rollups later on. You can learn more about the future of rollups in our layer 2 article.
Respectably, some people may argue that side-chains aren’t as secure as a layer 2 solution, however, that doesn’t stop users from creating amazing NFTs on these various and appetizing alt-chains, offering users low fees and scalability that is unheard of when using the Ethereum mainchain.